U.S. companies lobby Congress on derivatives-WSJ

July 10 (Reuters) – At least 42 nonfinancial companies and trade associations are lobbying the U.S. Congress to push back on proposals that regulate the over-the-counter derivatives market, the Wall Street Journal said on Friday. Citing its own analysis of lobbying disclosure forms filed through April, the paper said the companies include Caterpillar Inc <CAT.N>, Boeing Co <BA.N> and 3M Co <MMM.N>, according to the paper.
Caterpillar believes new regulations may drive U.S. companies to seek financing overseas, the paper said.
The paper also quoted Janet Yeomans, treasurer of 3M, as writing in a letter to U.S Senator Mike Crapo: “Not all derivatives have put the financial system at risk and they should not all be treated the same.”
Caterpillar, Boeing and 3M could not be immediately reached for comment by Reuters.
President Barack Obama last month laid out his vision for recrafting U.S. financial regulation, vowing to halt “a cascade of mistakes … over the course of decades” that eroded bank and market oversight. [ID:nN17330766]
The plan included imposing oversight of over-the-counter derivatives as well as unspecified “harmonizing” of futures and securities regulation, and stronger safeguards for payment and settlement systems. (Reporting by Ajay Kamalakaran in Bangalore; Editing by David Holmes) ((For a related story please double click on [ID:nWNA8764])) ((ajay.kamalakaran@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 +1 646 897 1898; Reuters Messaging: ajay.kamalakaran.reuters.com@reuters.net))
Keywords: US DERIVATIVES/